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Indexes up: Dow 1.06%, S&P 500 1.2%, Nasdaq 1.58%

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Tesla rises on 96 million share award to CEO Musk

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Spotify ( SPOT ) to raise premium subscription price, shares jump

(Updates with analyst comment, early afternoon prices)

By Nikhil Sharma and Pranav Kashyap

Aug 4 (Reuters) -

Wall Street's main indexes bounced back on Monday after a

sharp pullback in the previous session, buoyed by growing

expectations of deeper Federal Reserve interest rate cuts

following an unexpectedly weak jobs report.

At 11:39 a.m. ET, the Dow Jones Industrial Average

rose 463.55 points, or 1.06%, to 44,052.13, the S&P 500

gained 74.56 points, or 1.20%, to 6,312.57 and the Nasdaq

Composite gained 325.95 points, or 1.58%, to 20,976.08.

Both the S&P 500 and the Nasdaq were on track for their

biggest single-day jump in more than two months.

This is in contrast to Friday, when a

dismal U.S. jobs report hammered the S&P 500 and sent

it to its steepest intraday drop since May 27.

The bleak data that also accompanied steep downward

revisions for May and June forced market participants to amplify

their bets for Fed rate cuts this year, noting signs of a

weakening labor market.

"When you have a Fed that operates in a lagging sense,

you're going to have the market moving around as the data comes,

that's what we're seeing with the weaker jobs report," said

Charlie Ripley, senior investment strategist for Allianz

Investment Management.

Odds for a September rate cut now stand at about 84%,

according to CME Fedwatch. Market participants see at least two

quarter-point cuts by the end of this year.

Underscoring uncertainty, Trump fired Bureau of Labor

Statistics Commissioner Erika McEntarfer the same day,

accusing

her of faking the jobs numbers.

"The revisions ... it brings a level of skepticism into

the data sets," Allianz Investment Management's Ripley added.

Investors also weighed Fed Governor Adriana Kugler's

unexpected resignation, which could open the door for President

Donald Trump to reshuffle the central bank's leadership to his

favor.

Trump has repeatedly threatened to fire Chair Jerome

Powell, believing that rates should be much lower than they are.

Meanwhile, Tesla rose 1.2% after

granting

CEO Elon Musk 96 million shares worth about $29 billion.

All S&P 500 sub-sectors were trading in the green, with

communication services leading gains with a 2% jump.

U.S. factory orders tumbled 4.8% in June after an upwardly

revised 8.3% increase in May, owing to a sharp drop in

commercial aircraft orders.

Meanwhile, Trump threatened to substantially raise tariffs

on India over its purchases of Russian oil. Last week, Trump

slapped a 25% tariff on goods imported from the country.

After a big week for Big Tech earnings, companies from

various sectors, including Palantir ( PLTR ), Eli Lilly ( LLY )

and Disney ( DIS ), will report this week.

Among notable movers, Joby Aviation ( JOBY ) rose 20.7%

after Bloomberg News reported that the company was exploring the

acquisition of helicopter ride-share operator Blade Air Mobility ( BLDE )

. Blade Air's shares surged 26.6%.

IDEXX Laboratories ( IDXX ) soared 26.8% after the

animal diagnostics maker

raised

its full-year profit and revenue forecasts and reported

better-than-expected second-quarter results.

Spotify ( SPOT ) jumped 6.8% as the music streaming platform

announced plans to raise the monthly price of its premium

individual subscription in select markets from September.

Advancing issues outnumbered decliners by a 4.76-to-1

ratio on the NYSE and by a 2.8-to-1 ratio on the Nasdaq.

The S&P 500 posted 25 new 52-week highs and seven new

lows, while the Nasdaq Composite recorded 52 new highs and 72

new lows.